‘Fossil Fuels Account for Over 80% of Global Energy Use’, -EI Review of Energy Statistics - Africa’s premier report on the oil, gas and energy landscape.

‘Fossil Fuels Account for Over 80% of Global Energy Use’, -EI Review of Energy Statistics

By Ogo-Oluwa Aiyefele, in London

Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China .

As a share of the overall energy mix, global fossil fuel consumption was at 81.5% in 2023, marginally down from 82% in 2022.

This is one of the key highlights of the latest report of the Energy Institute (EI); its annual Statistical Review of World Energy (formerly bp annual statistical review of world energy), released on June 17, 2024.

The perception here is at odds with the highlights of the International Energy Agency (IEA) report on the current crude oil market, released in the week of June 10, 2024, which stated that “world oil demand growth continues to slow, with 2024 gains now seen at 960,000Barrels of Oil Per Day, some 100 ,000BOPD below May 2024 forecast”.

IEA explained that “weak OECD (mainly Europe) deliveries pushed global demand into a narrow y-o-y contraction in March 2024. Subpar growth of 1Million BOPD in 2025 is held back by a muted economy and accelerating clean energy technology deployment”.

The EI Review agrees with this to some extent. It alerts that “dependence on fossil fuels in major advanced economies is likely to have peaked: In Europe fossil fuels fell to below 70% of primary energy for the first time since the industrial revolution, driven by demand reduction and renewable energy growth. In the United Sates, consumption of fossil fuels fell to 80% of total primary energy consumed”.

But the EI report also says that “global primary energy consumption overall was at a record absolute high, up 2% on the previous year to 620 Exajoules (EJ)”.

Indeed, EI submits that “global fossil fuel consumption reached a record high, up 1.5% to 505 EJ (driven by coal up 1.6%, oil up 2% to above 100Million barrels for first time, while gas was flat). As a share of the overall mix, they were at 81.5%, marginally down from 82% in 2023.

“Emissions from energy increased by 2%, exceeding 40 gigatonnes of CO2 for the first time”.

While IEA appears to be fixated on advanced economies, the EI report notes: “Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China .

“In India fossil fuel consumption was up 8%, accounting for almost all demand growth, and stood at 89% share of overall consumption. For the first time, more coal was used in India than Europe and North America combined”.

What is clear is that the IEA is monitoring and reporting its own interpretation of the energy demand and supply trends today, while the EI report will collect all data today and release 2024 trends in 2025.

The EI Statistical review says that “in Africa primary energy consumption fell in 2023 by 0.5%. Fossil fuels accounted for 90% of overall energy consumption, with renewables (excluding hydro) at only 6% of electricity.

“And China’s full return post-COVID saw fossil fuel use increase to a new high, up 6%, but as a share of primary energy it has been in decline since 2011, down to 81.6% in 2023. China added 55% of all renewable generation additions in 2023, i.e. more than the rest of the world combined. It also overtook Europe on an energy per capita basis for the first time”.

Share Article


No comments yet.

Leave a comment

Comment form

All fields marked (*) are required

© 2024 Festac News Press Ltd..